Press Releases

Treasury Finds Nearly $12 Million in Life Insurance Proceeds for Rhode Islanders

Rhode Islanders Participate in Short Films to Raise Awareness
PROVIDENCE, R.I. - General Treasurer Gina M. Raimondo today announced that Treasury's Unclaimed Property Division has found nearly $12 million in life insurance proceeds for more than 9,000 Rhode Islanders. So far, almost $2.3 million has been returned to more than 1,100 rightful owners and more than $9.5 million remains to be claimed by about 8,000 Rhode Islanders.

On Wednesday, March 5 at the Middletown Senior Center, Raimondo will screen three short films highlighting three Rhode Island families who collectively recovered about $67,000.

"Tracking down these unclaimed life insurance proceeds is an example of government working for people, especially in these challenging times," Raimondo said. "When it came to our attention that life insurance companies may have unclaimed funds due to Rhode Islanders, we stepped in on their behalf to give them an opportunity to recover the money."

Rhode Island is one of 45 states as well as the District of Columbia working with Verus Financial to conduct audits of life insurance companies in an effort to recover abandoned life insurance property.

Treasury currently holds more than $275 million in unclaimed property and encourages people to search its online missing money database. Under Raimondo's leadership, upgrades to the claims system have reduced processing time.